Setting up Multicurrency

I developed my own cheat sheet / checklist for setting up the Multicurrency module. I wanted something that I could fit on a single page just to remind me of what I needed to do next.

Recently, I’ve had a few colleagues ask me whether I had some kind of easy to follow checklist and I’ve been sending them this one. It seems more and more companies are implementing multicurrency these days, so I thought I’d share it with the community. It’s not fancy, nor does it provide any explanations – but it does provide the navigation to the various widows.

I welcome your comments on ways to improve it or if you think things should be re-ordered.

1. Create Currency (use the ISO code for the ID, don’t use the ‘Z’ entries) Administration | Setup | System | Currency

2. Create Exchange Table Administration | Setup | System | Exchange Table Exchange Table naming convention suggestion:   Segment 1 = Functional Currency   Segment 2 = Originating/Reporting Currency   Segment 3= Usage, such as BUY, SELL or AVG (optional)

3. Establish Rates Administration | Setup | System | Exchange Table | [Rates button] Rate calculation is Originating Currency * Rate OR Originating Currency / Rate You can use up to seven decimals

4. Grant Company access to currency and rate table (all must exit Dynamics) Administration | Setup | System | Multicurrency Access

5. Set Rate Types Financial | Setup | Financial | Rate Types

6. Set Posting Account Defaults. The system will search for an account in the order listed below. As soon as it finds one, it stops looking. If all should share the same account, enter it at the Company level. Rate Type Accounts      Financial | Setup | Financial | Rate Types | [Accounts button] Currency ID      Administration | Setup | System | Currency | [Accounts button] OR      Financial | Setup | Financial | Currency Accounts Company-level Posting Accounts      Administration | Setup | Posting | Posting Accounts | Display ‘Financial’ from drop list

7. Assign Currency Access to your GL Accounts. Identify which accounts should accept transactions in a foreign currency. Financial | Cards | Financial | Account Currencies OR Financial | Cards | Financial | Currency Account Update OR Financial | Cards | Financial | Account History | [Currencies button] OR Financial | Cards | Financial | Account | [Currency button]

8. Assign Currency ID and Rate Type ID to Checkbook ID Financial | Cards | Financial | Checkbook

9. Assign default Currency ID and Rate Type ID to appropriate Customers (or roll down from Customer Classes) and set revaluation options Sales | Cards | Customer | [Options button]

10. Assign default Currency ID and Rate Type ID to appropriate Vendors (or roll down from Vendor Classes) and set revaluation options Purchasing | Cards | Vendor | [Options button]

Enjoy!

Leslie